Dolphin Energy raises $1bn from bond sale

Dubai, February 8, 2012

The bond, which has been privately placed, was priced at 5.5 percent, at the tighter end of revised guidance of 5.5 percent to 5.65 percent.

Initial guidance was given in the 5.75 percent area.

Proceeds from the bond issue will be used to refinance the existing bank debt belonging to the company and to also pay a distribution to Dolphin's shareholders, the company said in an investor presentation.

Abu Dhabi Commercial Bank, BNP Paribas, Mitsubishi UFJ, Royal Bank of Scotland and Societe Generale were bookrunners on the deal.

Dolphin Energy, in which France's Total and Occidental Petroleum Corp also own stakes, completed a series of investor meetings in June but delayed plans to issue to bond citing market conditions. - Reuters